Overall housing starts in September beat expectations by a wide margin, the U.S. Commerce Department reported Wednesday, the surge coming primarily from multi-unit structures. Permits for new homes were down, however, which means the gains probably won’t last.
With demand for single-family homes still stagnant, many Americans are turning to rental properties, which prompted the increase in multi-unit dwellings. Because of that, as well as the decrease in permit structures, housing experts are skeptical that the September data represent a meaningful shift in direction for the battered sector..............................................Full Article: Source